Is your hobby farm insurance adequate?June 29 2018
When you invest in a hobby farm, it’s important to make sure you have the right insurance in place for your protection.
That’s where David Marks Insurance Brokers can help. Our professional Ballarat-based team has years of experience in helping hobby farmers secure quality insurance to cover them for life’s mishaps. And because we know the industry like the back of our hands, we can assist clients to avoid any common pitfalls when selecting their farm insurance in Ballarat.
For example, homeowners on land greater than two hectares (five acres) risk having no Liability cover if they have a straightforward Homeowners Policy. Instead, they should talk to our team about purchasing the correct Farm Policy, whether they are on a hobby farm or a real farm that is earning income.
Many people don’t realise that a Homeowners Policy won’t cover Domestic Liability if an incident happens on acreage away from the house. If someone trips on a rickety step to your home’s verandah, you’ve got cover in place. If visitors trek to your paddock dam to go yabbying, slip on grass on the way to the water’s edge and hurt themselves? No cover. No protection. It’s an alarming situation to be in.
When it comes to Ballarat farm insurance people need to make sure they have the right Liability cover in place for property damage and personal injury, because we all know farms of all sizes pose challenges and risks.
If you own a hobby farm of two hectares or more, the chances are you also own animals. While you might have a pet sheep, horse, goat or alpaca, it’s important to know they are deemed “farm animals” when it comes to insurance. But did you know that Domestic Liability excludes farm animals? It only covers liability for domestic animals including dogs, cats and budgies.
So what does this actually mean? Well, if your dog runs onto the road and causes a vehicle accident, your Domestic Liability will be covered with your Homeowners Policy. But if your horse gets out of its paddock, wanders onto the road and causes a crash, your policy won’t provide any Domestic Liability cover in this case.
At David Marks Insurance Brokers, we advise people with hobby farms and lifestyle properties to secure a hobby farm package. This ensures they have specific cover for Public and Products Liability in relation to acreage property.
Hobby farmers can then add rural fencing, hay and machinery sheds to their hobby farm package.
When you outlay significant investment into a hobby farm, it pays to protect your property and other existing assets and savings. The last thing you want is to find your Liability to visitors or loss of farm assets from storms or fire has been rejected by your insurer through bad initial advice when taking out your insurance cover.
Don’t let that happen to you. Seek expert advice from insurance specialists like the David Marks team. Let our experienced team give you peace of mind that you have the right insurance in place for your property.